NEW YORK, May 20, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Target Corporation ("Target" or the "Company") (NYSE: TGT). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Target and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On or about May 19, 2014, news reports were published regarding the extent of problems experienced by the Company's Canadian operations, including: (1) at the time of the opening of Target's first group of stores in Canada, Target had significant problems with its supply chain infrastructure, distribution centers, and technology systems, as well as inadequately trained employees; (2) these problems caused significant, pervasive issues, including excess inventory at distribution centers and inadequate inventory at retail locations; (3) the excess inventory at distribution centers and lack of inventory at retail locations forced Target to heavily discount products and incur heavy losses; and (4) the supply-chain and personnel problems were not typical of newly launched locations in Target's traditional U.S.-based market.
Then, on May 20, 2014, prior to the trading session, news reports circulated that Target had fired Tony Fisher, the Company's president of Canadian operations.
On this news, Target's shares fell $1.68, or nearly 2.9%, to close at $56.61 per share on May 20, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP